News: Brokerage

Callahan Construction Managers breaks ground for Yonkers development with Rose Associates and Perkins Eastman

Yonkers, NY Callahan Construction Managers, a full-service construction firm, has broken ground at 57 Alexander St. The project is being developed by Rose Associates with Perkins Eastman serving as the architect.

The development is situated on a four-acre parcel and will consist of a 440-unit, seven-story building located on the Hudson River waterfront. The project will feature a mix of studio, one- and two-bedroom apartment homes, as well as two-level podium CIP garage. 25,000 s/f of amenities will include a landscaped public esplanade with access to the  Hudson River waterfront, an outdoor heated swimming pool, roof deck with grilling stations and dining areas, fitness  center with strength training and cardio equipment, golf simulator, game room and co-working resident lounge. The  project is expected to deliver in phases throughout 2023.

57 Alexander St., which is set within a Qualified Opportunity Zone, will also require coordination with the New York State Department of Environmental Conservation (NYSDEC) for environmental cleanup. Waterfront access work includes construction of the new rip rap shoreline revetment and demolition and reconstruction of piers.

The property is close to the Yonkers Metro North commuter rail and Amtrak train, and within a short  distance of the retail and dining in the city’s downtown waterfront district.

“Callahan is proud to be a part of this vibrant project,” said David Morrow, director of New York operations at Callahan. “This development will contribute to the growth of the community along the Hudson by  offering a lifestyle and transit-oriented living experience just minutes from the waterfront district.”

“We selected Callahan Construction for this exciting project based on their experience and proven track record and  we’re pleased with positive momentum at the site.” Said Chris Gibaldi, managing director of development at Rose  Associates. “Downtown Yonkers’ proximity to Manhattan, combined with it river views, history, and variety of  restaurants and shopping make it a great place to live and we are pleased to be part of its continued resurgence.”

“The property location with sweeping views of the Hudson River and Palisades offered us incredible design opportunities  for the amenity-rich building,” said Carl Ordemann, AIA, principal and director at Perkins Eastman. “We are excited to  bring Rose Associates’ vision into reality working as partners with Callahan Construction Managers.”

57 Alexander St. marks Callahan’s first residential project from its New York office, which opened in White Plains in 2021, and the second groundbreaking from the New York office after the team started construction at LCB Senior  Living in Basking Ridge, N.J. in November 2021.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced